A Rockford, Illinois, resident was able to purchase his first home after having $37,000 of student loan debt forgiven through the Illinois Housing Development Authority's (IHDA) SmartBuy program. The program,
A man named Michael Jackson, not the famous singer, had $37,000 of his student loan debt forgiven through the Public Service Loan Forgiveness (PSLF) program, which allowed him to purchase his first home. Jackson, who works as a social worker, had been paying off his student loans for 15 years before qualifying for the forgiveness. The PSLF program forgives the remaining balance on Direct Loans after a borrower has made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. This financial relief came at a crucial time as Jackson was looking to buy a house, and the forgiveness of his debt significantly improved his financial situation, enabling him to secure a mortgage. His story highlights the impact of student loan forgiveness on personal financial milestones like homeownership.
House & Home
Thu, March 6, 2025
